We’ve heard plenty about Millenials (or Generation Y), those born between 1976 and 1994. But as this generation continues to age, marketers are starting to shift their attention to the next wave – Generation Z, those born in 1995 or later.
A new report from market research company Epinion and OMD looks at GenZ (Generation Z) in Vietnam. Numbering 14 million, and with an average monthly disposable income of 112 USD – significant in this emerging market – GenZ is incredibly valuable for Vietnamese brands.
However, for marketers to connect effectively with GenZ they must recognise them as a separate entity to their Millennial (or Generation Y) predecessors.
GenZ really just enjoy being online, hanging out and cocooning at home. Their most enjoyed activity is reading news on Facebook, and most comfortable method of contact with friends through chat apps.
They are also fairly marketing savvy. Only 27% said they would trust a celebrity endorsement or comment, and just 13% trust online reviews.
Bui Tieu Vy, Epinion’s Senior Marketing Executive said: “Our results found that because the under 21s have only ever known a world with internet, the line between digital and physical is very blurred to them and most feel their existence is validated by their social media presence. They would be nothing without their phone, and a large proportion have more than one.
“On top of this, they have learned from their predecessors’ mistakes and are very skeptical, making them much more unlikely to fall for online scams. For brands this means GenZ is able to read between the lines of marketing ploys and will require much more convincing to connect with a brand than to simply be told it is good.”
When it came to traditional advertising, again, this is a hard bunch to impress with only 21% trusting radio adverts, 17% magazine and 15% for both TV and newspaper ads.
A surprising 72% said it was advice from their parents or experts they trusted, reinforcing the importance of the family structure in a country still emerging into the modern era.
Bui Tieu Vy added: “For brands to connect with GenZ they must utilise a strong content strategy that displays social consciousness and demonstrates a higher purpose. ”
Find out more and download the report here.